Tag Archives: LIBOR

JPMorgan Says Libor Probes Ended in U.S., U.K. After EU Penalty

Another crime escaped by the banksters. I am not surprised by this since we haven’t heard anything on DOJ’s probes into LIBOR against the banks…

JPMorgan Chase & Co. said U.S. and U.K. authorities ended probes into its activities involving Libor and other benchmark rates without issuing fines, allowing the American bank to escape the scandal lightly compared to other firms.

The U.S. Justice Department told the bank in June that it closed an inquiry into the rate-fixing scheme, and other probes by the U.K.’s Financial Conduct Authority and the Canadian Competition Bureau were also ended without action, the New York-based firm said Wednesday in a U.S. Securities and Exchange Commission filing.

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Australian ex-Rabobank trader admits in U.S. to Libor scheme

A former Rabobank trader pleaded guilty on Thursday to conspiring to manipulate benchmark interest rates, as U.S. prosecutors dropped separate charges against three ex-ICAP Plc (>> ICAP plc) brokers acquitted in a related British trial.

Paul Thompson, an Australian and former head of money market and derivatives trading in Northeast Asia for the Dutch bank, pleaded guilty in federal court in Manhattan to a single conspiracy count, admitting to scheming to manipulate Libor.

“I apologise to those who were harmed by my actions,” he said in court.

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Libor Fixing: Ex-Barclays Traders Found Guilty

Three former Barclays traders have been found guilty of conspiring to fraudulently manipulate global benchmark interest rates.

Jay Merchant, 45, a trader and the most senior of the men on trial, was convicted unanimously at Southwark Crown Court.

Former Libor submitter Jonathan Mathew, 35, and former trader Alex Pabon, a 38-year-old American, were found guilty by a majority verdict after the 10-week trial.

The Serious Fraud Office (SFO) claimed the men were dishonest when they submitted or asked colleagues to submit Libor rates that would benefit trading positions and prejudice the economic interests of others.

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Investors Seek Nod For $35M HSBC Deal In Yen Libor Suit

Law360, Los Angeles (June 17, 2016, 8:21 PM ET) — HSBC struck a $35 million settlement with investors in a proposed class action alleging the bank fixed yen-denominated Libor rates, in the second monetary deal reached this year with a major bank in the New York federal action over the alleged rate manipulation.

The proposed settlement with HSBC Holdings PLC and HSBC Bank PLC comes two months after a district judge signed off on the investors’ $23 million “ice breaker” settlement with Citigroup Inc. and nonmonetary settlement with brokerage firm RP Martin.

In motion papers Friday,…

Source: Law360

Has Libor scandal cost three bankers their lives? Mystery deaths of three financiers in London, New York and Siena linked to interest rate-rigging


  • In March 2013 David Rossi, 51, who worked closely with Deutsche Bank, was found dead in Siena, Italy
  • In January 2014 William Broeksmit, 58, from Deutsche Bank, died in London 
  • In October 2014 Calogero Gambino, 41, another Deutsche Bank employee, died in New York 
  • Deutsche Bank agreed to pay $2.5billion (£1.76billion) to settle claims against it over the Libor scandal 


Three bankers, all with ties to Deutsche Bank, committed suicide within the space of 18 months and there is growing speculation their deaths may have been linked to the Libor scandal.

Last year Deutsche Bank agreed to pay $2.5billion (£1.76billion) to resolve investigations in Britain and the US into the activities of its traders.

Meanwhile in Siena, Italy, authorities exhumed the body of banker David Rossi, 51, and reopened their investigation into his death in March 2013.

Mr Rossi, who worked as a communications director at the Monte dei Paschi di Siena bank, was found dead in an alley beneath his office in the city.

Read more: http://www.dailymail.co.uk/news/article-3638560/Mystery-suicides-international-bankers-deaths-three-financiers-London-New-York-Siena-linked-Libor-scandal.html#ixzz4Bcr2nCbJ


Bankers, Not Banks, on Trial in Barclays Libor Case, SFO Says

A London prosecutor told jurors they didn’t have to decide whether the banking industry as a whole is guilty of fraud, but just the five former Barclays Plc traders accused of manipulating Libor.

James Hines, a prosecutor for the Serious Fraud Office, made the argument Wednesday as he asked the jurors to disregard testimony by the five bankers that manipulation of benchmarks was an everyday occurrence, not only in the bank but also across the City of London.

“The banking industry isn’t on trial, it is a handful of dishonest traders,” Hines said on the second day of his closing argument.

Alex Pabon, Stylianos Contogoulas, Jay Merchant, Jonathan Mathew and Ryan Reich are on trial for conspiring to fix the London interbank offered rate, a benchmark tied to trillions of dollars in securities and loans, between 2005 and 2007. They face as long as 10 years in prison if convicted.

Merchant, in particular, said the culture of making the requests was fostered by senior managers at the bank despite there being no e-mail or documentary evidence they instructed traders to act dishonestly, Hines said.

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First U.S Trader Charged in Libor Rate-Rigging Probe — Update

Two former Deutsche Bank AG traders face criminal charges for allegedly trying to manipulate the Libor benchmark interest rate, including the first U.S. trader to be charged in connection with the yearslong probe.

Matthew Connolly, 51 years old, former head of the bank’s pool trading desk in New York, and Gavin Campbell Black, 46, a former derivatives trader in London, were accused of trying to rig the London interbank offered rate, an interest-rate benchmark, between 2005 and 2011 to benefit the bank’s trading positions, according to an indictment unsealed on Thursday.

Mr. Connolly, who was taken into custody on Thursday, according to the Justice Department, is the first U.S. trader to be charged in the case.

Deutsche Bank declined to comment.

A third former Deutsche Bank trader, Michael Curtler, who supervised Mr. Black, pleaded guilty in October 2015. The bank paid $2.5 billion to resolve related criminal and civil charges against it in April 2015.

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